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What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
How long can I take the loan over?
How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.
How do I make repayments and can I choose my monthly repayment date?
Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.
Can I have a fixed rate loan?
It is entirely up to you if you want a fixed rate or a variable rate loan – however there are some limits to this.
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

What exactly is a personal loan?

A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.

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To pay back the loan, you agree to make regular monthly repayments. Some of the money you repay will go towards servicing the loan and the rest of your payment will be used to pay off the interest and the outstanding debt. You will pay your loan off over a number of years, depending on what you can afford and how much you borrow. For example, a loan of £2,000 could easily be paid back in 1 year. However a larger sum like £50,000 would normally be taken out over 15 years or more.

Most people in the UK get a loan at some point in their lives. For example, a mortgage is a loan - a loan to buy a house. However personal loans differ in that they can be taken out for any reason, and are usually for vastly smaller sums, i.e. anything between £500 and £100,000. It is a big financial commitment and not one to be taken lightly, as you will be tied to the repayments for the term of the agreement.


Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.